The 'Due Date' for filing income tax return for an individual not subject to audit is generally: MCQ with Answer and Explanation

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The 'Due Date' for filing income tax return for an individual not subject to audit is generally:

A. 31st March

B. 31st July of assessment year

C. 30th September

D. 31st December

Answer: Option B

Solution (By JKSSB Mock Tests)

For non-audit cases, the due date is 31st July of the assessment year.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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Accounting by Non-Profit Organizations (NPOs) usually revolves around which system?

A. Social Accounting

B. Fund Based Accounting

C. Responsibility Accounting

D. Standard Costing

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Correct Answer: Option B

Explanation:
NPOs use fund-based accounting where resources are categorized into specific funds based on restrictions placed by donors.

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Question #2

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Under the Companies Act 2013, the 'Serious Fraud Investigation Office' (SFIO) is empowered to investigate frauds that are:

A. Of any amount

B. Above ₹10 Crores or involving public interest

C. Involving public interest

D. Only related to listed companies

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Correct Answer: Option B

Explanation:
As per the Companies Act and related notifications, the SFIO (now often operating under the EBOW) investigates cases involving ₹10 Crores or more, or cases that involve public interest, or affect multiple states.

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Question #3

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The term 'Debtors' represent:

A. Amounts owed to the business by customers

B. Outstanding expenses

C. Bills payable

D. Amounts owed by the business

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Correct Answer: Option A

Explanation:
Debtors are persons/entities who owe money to the business for goods/services provided on credit.

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